CBDCs Could Reduce FX Transaction Speeds to 10 Seconds, NY Fed Says

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CBDCs Could Reduce FX Transaction Speeds to 10 Seconds, NY
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Each participant operated its own version of the ledger, rather than having the participants act as nodes in a single distributed ledger, the report said. Nevertheless, the participants were able to settle both sides of transactions simultaneously, finding a massive speed boost compared to the current system. While the report detailed some of the technical aspects of the test – it used an undisclosed permissioned blockchain network and was written in the Rust programming language – it did not provide many details about how the simulation was conducted or how they confirmed transaction settlements.

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